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Nelson Brian, "A Comprehensive Dictionary of Economics"

Preface

Economics is the science that deals with the production,

distribution and consumption of wealth. It studies the

various problems oflabour, finance, taxation, etc. and tries

to find a solution or the best possible way to tackle these

problems. The subject not only deals with the present and

future growth of a country's economy at the micro level,

like the consumption of a household or an individual [trm,

but also studies the same at a bigger and more complex

level or the macro level, like the national income or the

production of an industry. The job of the economists is to

identify the economic problems of a country's economy

and find solutions for the same, thereby promoting a healthy

and smooth economic growth.

There are two schools of thoughts in economics, viz. the

Classical and the Modern. The economists belonging to

these two schools have contributed a lot in the field of

economics through a number of theories. But, as the human

wants are endless, so are the economic problems unending

and therefore, economists are continuously working

towards finding solutions for these new problems.

The dictionary is made with the intent of providing the

readers with a handy referral for the terminology used in

the subject. The dictionary covers almost all the terms

that form a part and parcel of economics in simple and

easily comprehensible language. In order to enhance the

readers knowledge and bring about more relevance, many

examples and pictures have been used along with the definitions

of the terms.

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